Recently we have begun hearing that the ATF is no longer requiring a Schedule A and/or an Assignment of Assets with a Trust. While we have not been able to verify this with ATF at this time, we would still suggest sending in these documents with your trust for approval. Remember that just because ATF approves your trust, they are not stating your trust is valid, only that it meets their limited review of criteria. We have seen many cases where the ATF approves trusts that are not valid and subject the individuals to potential criminal charges, confiscation, and fines of up to $250,000 per offense.
There are significant advantages of using an Assignment sheet over a schedule of assets or as some trusts refer to it “a Schedule A”. While most believe that the registration of firearms has been shown to be one of the first steps in the confiscation of firearms by the government, there are many individuals who unknowingly and freely give the ATF a complete list of their firearms by using a Schedule A. An assignment sheet can still transfer assets into a trust, but not create a full list of the assets and become part of the trust document. This additional privacy is an important advantage to using a NFA Gun Trust like we have created. To find out more about Gun Trusts or have your trust reviewed for problems with the NFA contact a Gun Trust Lawyer® by email or call us.